Smart devices—and their associated telematics applications—are technologically advancing at breakneck speed, and their use helps insurers create statistically accurate risk profiles. The result has been personalized policies including usage-based, pay-as-you-drive and pay-how-you-drive—and now, telematics is penetrating the home insurance market.
Some insurers already have entered this arena, decreasing premiums for so-called "smart homes."
"Houses are getting smarter every day," says Rebecca Galovich, assistant vice president of reinsurance underwriting at Hartford Steam Boiler (HSB), "and tech is becoming more interconnected. That enables homeowners to have control over the environment of their homes, adjusting thermostats from outside of the home and controlling security systems."
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